Runaway executive pay at health insurance companies will no longer be subsidized by taxpayers, thanks to a little-known provision in the Affordable Care Act, more commonly known as Obamacare. The provision, which lowered the tax break for executive pay to $500,000 for health insurers, yielded the federal government about $72 million in additional revenue in 2013, according to a new report by the Institute for Policy Studies (IPS), “The Obamacare Prescription for Bloated CEO Pay.”
Many of the same major restaurant chains that are fighting against raising wages and improving benefits and work conditions for their employees are exploiting tax loopholes to have government heavily subsidize excessive CEO compensation, according to a new report from the Institute for Policy Studies (IPS), Restaurant Industry Pay: Taxpayers' Double Burden.
We're told that corporate executives get paid outrageous sums of money because they add value to the companies they work for. But a new video and report from the Institute for Policy Studies (IPS) show that this is far from accurate. Of the 500 highest-paid CEOs of the past 20 years, the report shows, 112 of the companies they represent filed for bankruptcy or received bailout money from the federal government, 39 of the CEOs were fired and 39 of those companies had to pay massive fines or settlements for serious fraud—a total of nearly 40% of all the the highest-paid executives.
Maybe you’ve heard of it—the CEO campaign to “Fix the Debt." With a $60 million war chest and the blessing of more than 80 CEOs of America’s biggest corporations, “Fix the Debt” is passing itself off as a reasoned call for compromise to save the nation from economic disaster. But as this new infographic and a recent study show, the companies behind Fix the Debt stand to gain $134 billion from one of the tax breaks they are promoting. Not just any tax break, mind you, but a new tax incentive for corporations to send U.S. jobs overseas.
With Big Business pushing Congress to pass legislation granting a “tax holiday” for hundreds of U.S. corporations, a new study shows that despite a similar tax holiday in 2004, corporations slashed nearly 600,000 jobs through layoffs even as they collectively saved $64 billion from what they otherwise would have owed in taxes. Under a tax holiday, corporations could bring trillions in overseas proft back to the United States in exchange for a hugely reduced tax rate on that profit.